The European Central Bank (ECB) or European Central Bank was formed in 1998 ahead of the official introduction of the European Union. The currency of the European Union issued by the ECB is the Euro. The euro was first traded in 1999 in virtual form and then banknotes and coins were introduced in early 2002. The ECB is the central bank that oversees all member countries that are members of the European Union. Previously the ECB supervised 11 countries when it was first established, then now it has increased to 19 countries with each central bank operating in each country under the ECB's authority.
Authority of the European Central Bank (ECB)
- Setting and implementing monetary policy
- Conduct foreign exchange operations
- Managing currency reserves in the Eurozone
- Improve the smoothness of transactions from member countries
CB has full control in implementing monetary policy in the European Union zone just like the Federal Reserve and Bank of England. Just like other central banks, the ECB also has a main target in achieving price stability determined